Common use of No Bankruptcy/Insolvency Clause in Contracts

No Bankruptcy/Insolvency. Each of the Purchaser and Digagogo is not insolvent, has not committed an act of bankruptcy, has not proposed a compromise or arrangement to its or his creditors generally, has not had any petition for a receiving order in bankruptcy filed against it or him, has not taken any proceeding with respect to a compromise or arrangement, has not taken any proceeding to have itself declared bankrupt or wound-up, has not taken any proceeding to have a receiver appointed of any part of its or his assets, has not had any encumbrance take possession of any of its or his property, nor has the Purchaser or Digagogo had any execution or distress become enforceable or become levied upon any of its or his respective property;